CPTPP gains a new member.

The UK became the first European country to join the Comprehensive and Progressive Trans- Pacific Partnership (CPTPP) agreement.

British Business and Trade Minister Kemi Badenoch signs the protocol for joining the CPTPP in Auckland, New Zealand, in the presence of Prime Minister Chris Hipkins. (Source: RNZ)

According to AFP , the British government announced on July 16 that it had officially signed the protocol to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).

British Business and Trade Minister Kemi Badenoch signed the document during a ministerial meeting of CPTPP member countries in Auckland, New Zealand, in the presence of host Prime Minister Chris Hipkins.

With this agreement, the UK becomes the first new member and the first European country to join the CPTPP since the bloc was established in 2018.

New Zealand Prime Minister Chris Hipkins said that the UK's entry into the CPTPP was great news for the region.

Affirming that this agreement "is bringing significant benefits and opportunities to our exporters," Chris Hipkins stated that "with the UK joining the CPTPP family, we will only see increasing economic opportunities for growth and recovery."

The signing of the document is the official confirmation of the agreement reached in March after two years of negotiations.

British Prime Minister Rishi Sunak announced on March 31 that the country would join the CPTPP – the largest trade agreement the UK has joined since leaving the European Union (EU).

The UK government will take the necessary steps to ratify the agreement, including parliamentary oversight, while other CPTPP member countries finalize their own domestication processes.

The CPTPP includes two members of the Group of Seven leading industrialized nations (G7), Canada and Japan, and long-time allies of the UK, Australia and New Zealand, along with Brunei, Chile, Malaysia, Mexico, Peru, Singapore, and Vietnam.

According to RNZ , these countries accounted for over 500 million people and 12% of global GDP in 2021, and the UK's entry is expected to increase that figure to 15% – equivalent to $21 million.

Source: https://baoquocte.vn/cptpp-co-them-thanh-vien-moi-234798.html